After months of pressure from the White House, Saudi Arabia relented and agreed with other OPEC+ members to increase production.
Can Crypto Market Predict Gold Movements?
Information is not investment advice
Gold and cryptocurrencies demonstrate a correlation since 2021. These assets have equal conjecture as both have limited emission. That fact provides these assets with a status of “haven”, which means traders prefer to purchase them during periods of high market volatility and at the moments when high inflation risks occur.
Ethereum, daily chart
As you can see Ethereum price created two minimums and the maximum at February 28, March 25, and May 12 respectively.
Gold, daily chart
Gold price drew double bottom on March 8 and March 30, approximately a week after Ethereum did. Also, it gained the highest point on June 1, approximately 2 weeks after crypto did.
Lately crypto market dropped on July 20 and Gold followed it on August 9.
At the moment, the crypto market demonstrates extreme growth. Do you have any suggestions about gold’s future? Let’s check it!
30 min, Ethereum chart
30 min, gold chart
Despite the negative news and worrying headlines, we recommend traders to make mental reframing of the situation. This way, you can look at the market from a different perspective. Let’s observe how you can take advantage of the uncertainties and make the fundamentals work for you!
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